Vancouver, BC – Medallion Resources Ltd (TSX-V: MDL; OTCQX: MLLOF – “Medallion” or the “Company”) today announced that it has closed a non-brokered private placement, announced June 10, 2013, for gross proceeds of $400,000 comprising 2,000,000 common shares of Medallion at a price of $0.20 per share (the “Private Placement”).

The shares were subscribed by Medallion’s President, Don Lay, the subscription funded in his accounts, or accounts he controls, from proceeds of an arranged sale of approximately 2,000,000 shares executed through the facilities of the TSX Venture Exchange (the “TSXV”) at a price of $0.20 per share (the “Disposition”). As Mr. Lay or accounts he controls were the sole subscriber to the Private Placement, the transaction constitutes a related party transaction under applicable securities laws, however the Private Placement is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 51-101 Protection of Minority Security Holders in Special Transactions, as neither the fair market value of any shares issued to Mr. Lay or account he controls, nor the consideration paid by Mr. Lay, exceeded 25% of the Company’s market capitalization. The Disposition and the Private Placement on a net basis did not materially affect the number of common shares of Medallion held or controlled by Mr. Lay.

The proceeds of the offering will be used toward the Company’s pro rata share of funding of an independent financial and technical study of the Company’s proposed rare-earth extraction facility in Oman and for working capital.

The common shares issued in the Private Placement are subject to a four-month hold period ending October 24, 2013, pursuant to securities legislation and the policies of the TSX Venture Exchange (the “Exchange”).

About Medallion Resources Ltd.

On June 20, 2013, Medallion announced that it had signed a Memorandum of Understanding with Takamul Investment Company, a subsidiary of government-owned Oman Oil Company, to conduct studies investigating the viability of constructing and operating a monazite-based, rare-earth extraction facility in the industrial city of Duqm, Oman. A Duqm-based facility is fully aligned with Medallion’s production strategy, which is to exploit available supplies of the mineral by-product monazite from heavy-mineral-sand mines in the Indian Ocean basin in order to extract and produce significant quantities of rare-earth products. More about Medallion (TSX-V: MDL; OTCQX: MLLOF; Frankfurt: MRD) can be found at medallionresources.com.

Medallion management has prepared this news release and takes full responsibility for content. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Medallion’s future development, production and financing plans, objectives or goals, including words to the effect that Medallion or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential business, acquisitions or development plans. Also, in order to proceed with Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans.

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